On March 30, US President Donald Trump said he was "exasperated" by Russian President Vladimir Putin and threatened to impose secondary sanctions on all of Russia's oil exports if Moscow did not reach a ceasefire in Ukraine.
Speaking in an interview with NBC on March 30, President Trump emphasized: "If Russia and I cannot reach an agreement to end the conflict in Ukraine, and if I think it is Russia's fault - which it may not be - but if I think it is Russia's fault, I will impose secondary tariffs on all Russian oil."
Trump said the 25% rate could be implemented at any time and he plans to speak directly to Putin this week.
Mr Trump also revealed that he was upset when his Russian counterpart questioned the legality of Ukrainian President Volodymyr Zelensky and suggested the possibility of a regime change in Kiev.
Russia has not yet responded officially to Mr. Trump's statement. However, Moscow has repeatedly rejected Western sanctions, calling them illegal measures to weaken the Russian economy.
Notably, if Mr. Trump does indeed impose tariffs on Russian oil, this move could severely affect China and India - the two largest customers importing Russian oil.
Last weekend, President Trump met with Finnish President Alexander Stubb. President Stubb suggested taking the deadline of April 20 to reach a ceasefire between Russia and Ukraine because Trump would then have completed three months in office.
Meanwhile, the US is said to be pressuring Ukraine to sign a strategic mineral deal, according to which Kiev will have to share the majority of its natural resource revenue with Washington for many years to come.
President Zelensky said Ukrainian lawyers were carefully reviewing the deal before making any commitments.
Mr Trump's statement shows a Tougher stance towards Russia than he has been in his previous statements. However, despite saying he was angry with Mr. Putin, President Trump emphasized that he "had a very good relationship" with the Russian President and "the anger would quickly subside... if Putin did the right thing".
Trump has previously imposed a 25% tariff on countries buying oil and gas from Venezuela. Now, if he expands the measure to Russian oil, major economies such as China and India could suffer significant losses.
All eyes are on the upcoming phone call between Trump and Putin to see whether the two leaders can reach a ceasefire deal or continue to face the tense situation.
